Verisart A Blockchain Startup For Certifying ART Raises $ 2.5 Million
With Blockchain entering many mainstream industries to change its traditional model of work and renovating it into something that works for the digital age, more and more talks were made on using Blockchain for verifying valuable items. Verisart, had taken the initiative a few years ago by making use of Blockchain for the creation of certificates for the fine arts and collectibles market.
Although there had been quite a talk on Blockchain which ultimately led to what we could call a Blockchain hype, Verisart abstained from the fundraising bonanza. They rather decided to keep improving their current model and continue building partnerships.
Verisart finally now has made changes and raised $2.5 million in seed financing today in a round that was led by Galaxy Digital EOS VC Fund. The existing investors Sinai Ventures and Rhodium invested yet again. This financing was done in order to expand Verisart further in the world of art and for authentication purposes.
Co-founder and CEO Robert Norton commented: “With this new round of funding, we’re able to scale our business and ramp up our partnership integrations. The art world is quickly realizing that blockchain provides a new standard in provenance and record-keeping and we’re looking forward to extending these services to the industry.”
The $325 million Galaxy EOS VC Fund is a partnership between Galaxy Digital, a blockchain-focused merchant bank, and Block.one, the publisher of EOSIO, the blockchain protocol.
The funding will also help the expansion of their product and engineering team. Furthermore, it will also be utilized in the launch of a suite of premium services that are focused on artists, galleries and collectors. The former founding CTO of Borro, which is an online lending platform for luxury assets, Paul Duncan was appointed as the leader of the engineering team.
Verisart was the only company back in 2015 that introduced Blockchain into the art industry. They were the only ones to implement Blockchain technology into physical art and collectibles market. Not to mention artists like Ai Weiwei and Shepard Fairey and some other renowned artists of the world are working with Verisart on the certification of their art.
They even won the “Hottest Blockchain App” award in 2018, at The Europas, the European tech startup awards.
On Shopify, Verisart is also the first-ever Blockchain certification provider to offer digital certificates for a limited edition of artworks and collectibles.
The significant growth of Verisart has encouraged other companies to try their luck in the Blockchain-for-art space. Codex Protocol is one such new startup that is putting art on Blockchain.